Developers grapple with changing market

The Mipim conference at Cannes had a reputation for escorts and scantily clad women but is trying to shake that offANNE-CHRISTINE POUJOULAT/GETTY IMAGES

Along the boulevards of the French Riviera, the biggest event in the property industry began yesterday. About 24,500 people, from developers and bankers to politicians, are descending on Cannes.

They are here for Mipim, a global event at which deals are made, gossip is exchanged and business cards swapped in a sea of champagne and beer. Yet for British delegates it is also a week to show the property industry on its best behaviour.

“We know we are on show here, that is absolutely clear,” Melanie Leech, chief executive of the British Property Federation, said. “We know that the industry is in the spotlight because property was a big part of the President’s Club story.”